China Has Already Lost This War

The North American Free Trade Agreement (NAFTA) is dead. Mexico and Canada have folded. A new agreement, the United States-Mexico-Canada Agreement (USMCA), will replace it. While the new agreement maintains the integrity of the North American market, it dramatically changes the rules and tilts the playing field in favor of the United States. In particular, changes in provisions regarding the percentage of North American content required in vehicles imported under the agreement, a mandate for huge increases in minimum wages in Mexico and support for labor unions in Mexico mean that an already resurging American manufacturing base is set to expand even more rapidly.

All eyes now shift to the ongoing trade war between the United States and China, the world’s two largest economies. Here the news is even better. We have already won….